Mortgage Agreement in Principle without Credit Search??

powerwin

Hi Guys

A learner asks ...

My understanding was that you could ask a lender for a Mortgage Agreement in Principle and ask them not to do a credit search.

However, a number of people here have told me this is incorrect.

So, what is the forum consensus about whether this is possible?

If it is not possible, what info/illustration can a lender give you without them doing a credit search, and what is this commonly referred to?

Thanks guys

dwsjarcmcd

The original point of AIP's was to get a lending decision quickly and then verify what the applicant has claimed regarding income, employment etc. A credit check is instant but the other checks aren't hence why they will run these at the time of the AIP being submitted. So I don't think it is possible and while you can ask, it then becomes only an indication of what they may lend up to, not an AIP.

It is no different to going on a website, keying in your income and they return a figure that they may lend you, which wouldn't mean anything.